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Denmark’s Medical Cannabis Industry Secures Major Investment

Written by Peter McCusker

Cannabis cultivator Atlas Biotechnologies is the latest Canadian firm to establish a base in Denmark where a medical cannabis trial is thriving.

Atlas follows in the footsteps of Canada-based international producers Aphria, ICC International Cannabis, Aurora Cannabis, Canopy Growth and The Green Organic Dutchman. Atlas Growers Denmark has leased a 170,000 sq. ft. indoor mushroom farm for conversion into cannabis production facility.

A Right To Buy

The facility, near Odense, which will serve as Atlas’ European base, with  Atlas retaining the right to purchase the assets, said the company in a market release. The property features 36 individual climate-controlled rooms, for the cultivation of pharmaceutical grade cannabis flowers, and manufacture of down-stream goods.

Atlas has submitted a cultivation licence to the Danish Medicine Authority and expects its first harvest in early 2020. Atlas says it will create over 100 new jobs in the area. It has appointed Kent Stenvang as its Denmark Head of Operations. He was previously CEO and owner of the mushroom farm – Egehøj Champignon – and has over 30 years of business experience.

Atlas President & CEO Sheldon Croome said it had been looking at overseas production expansion for some time, adding:  “We are excited to be planning one of the largest, most sophisticated indoor cultivation and GMP processing facilities in Europe, the next major frontier for medical cannabis legalization.”

2,000 Medical Cannabis Patients

In an interview with Health Europa Rikke Jakobsen, CEO of Cannabis Denmark, said the future is looking bright for Danish medical cannabis. It is almost halfway through a four-year trial and by late April, this year, there were 429 prescribing doctors and over 2,000 patients.

The Danes say the data collected during the trial will form the basis of more permanent legislation; these include up to 15 studies including a handful of clinical trials. 

Although Mr Jakobsen added: “Unfortunately, none of the clinical trials are being conducted on the products being prescribed as part of the trial so we don’t yet have any results on the individual cannabinoids – only CBD and THC in combination.”

Earlier this year Canadian firm ICC unveiled plans for a 150,000-square foot facility located in Møldrup, Denmark, reports Proactive Investors.

ICC said will also pursue outdoor cultivation opportunities on the land package’s 45 acres. Once the outdoor agricultural program is implemented, ICC said it is forecasted a yield 81,000 kilograms of dried cannabis in the 2020 harvest season.

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About the author

Peter McCusker

Peter McCusker is an experienced news and business editor, who believes it’s time to fully embrace the multiple, proven, medical benefits of the cannabis plant.